Guotai Junan said that the recent market style switching between technology stocks and cyclical stocks was mainly affected by the end of the years stock swap. Many white horse stocks in the science and technology, consumer and pharmaceutical sectors concentrated to make up for losses in recent trading days. It is expected that the market will gradually stabilize and recover after these strong stocks have made up their losses. From a long-term point of view, as long as the fundamentals continue to rise and the performance grows steadily, Baima shares may continue to hit new highs after making up for losses.
GF Securities believes that the first is the optional consumption, such as automobiles, leisure services and home appliances, which have been accelerated since the third quarter; the second is the manufacturing sector, such as general machinery, industrial metals, and glass, which are the first to start the inventory cycle; and the third is the underestimation of low allocation big finance, such as banking and insurance, confirmed by the boom turning point. In terms of theme investment, it is suggested to pay attention to the reform of state-owned enterprises.
CITIC Securities said that on November 18, 2020, the executive meeting of the State Council pointed out that consumption had been seriously impacted by the epidemic this year, and it was difficult to restore normal growth. As one of the means to promote consumption, it is necessary to stabilize and expand automobile consumption. In this regard, CITIC Securities pointed out that the auto consumption stimulus policy exceeded expectations, boosting the industry boom to accelerate the recovery. It is estimated that the growth rate of passenger car sales in 2021 is expected to reach more than 15%, ushering in plate investment opportunities. It is clear that the new round of automobile going to the countryside and exchanging old cars for new ones will benefit most from the independent brand and light truck enterprises.
Tianfeng Securities pointed out that the recent market style change has been obvious, the over valued pharmaceutical and technology sectors have fallen sharply, while the undervalued and pro cyclical financial, chemical and nonferrous metals sectors have performed strongly. First, the growth rate of social finance is peaking, the liquidity margin is tightening, and the overvalue is facing adjustment pressure; second, the global economic recovery pushes up inflation expectations, and the price and quantity of Pro cyclical industries are expected to rise simultaneously. It is expected that the main line will be further strengthened with the promotion of vaccines, the elimination of the epidemic situation, the pro cyclical logic of domestic assets and global resonance, and the current focus on non-ferrous and petrochemical sectors. Medium and long-term science and technology growth stocks are still layout opportunities after the fall.
Source: Netease Financial Editor: Yang Qian_ NF4425